Hmm… I’ve been wondering about these questions myself lately.
Though I don’t own any Bulldogs, I do have a bunch of Eye Brand knives. They have a sort of irregularly shaped distal taper that seems to be a distinguishing characteristic of hammer-forged blades. It’s subtle, but if you look at the blade either spine or edge on, you can see that the sides aren’t perfectly flat as they taper towards the point.
A page on
the Olbertz website says: “We demand the best, which means we only use hand-forged blades made of high-grade carbon or stainless steel.” I can’t imagine though that they mean a single smith hammers blades out by hand on an old fashioned anvil. It seems much more like likely that they would use some kind of power hammer to get the basic shape before moving on to the grinding.
There’s also a process called
drop forging, or closed-die forging, where hot metal is basically just sandwitched between two halves of a die and molded into shape. It would be pretty misleading to claim that a blade is hammer forged though when it’s actually drop forged.
I came across an unrelated site on the net where they advertise a line of kitchen knives they sell as being “drop forged by hand”, which sounds like a major oxymoron to me.

LOL! I guess these terms can be used somewhat liberally for marketing purposes, as people are simply impressed to hear that the blade is forged.